Electronic sector now a Rs.11.5 lakh crores industry, Ashwini Vaishnaw explains what’s driving the massive surge

India’s electronics manufacturing sector has grown sixfold to a valuation of Rs. 11.5 lakh crores, creating 25 lakh jobs, announced Union Minister, Ashwini Vaishnaw. Under Prime Minister,  Narendra Modi’s  visionary schemes,  the electronics manufacturing has emerged as a top sector in India, with production increasing 6 times in past 11 years — resulting in it becoming a Rs 11.5 lakh crores industry, Union Electronics and IT Minister, Ashwini Vaishnaw said on Saturday.

Electronic sector boom: 

Addressing a press conference at the BJP headquarters over the recent GST overhaul here, the Minister said the electronic products exports jumped eight times during the period and the industry now provides employment to over 25 lakh people. “In the last 11 years, electronics manufacturing has emerged as a very big sector in India. Electronics production has increased 6 times, exports have increased 8 times and it has become an industry of Rs 11.5 lakh crores, providing jobs to 25 lakh people,” the minister said. Vaishnaw informed that India has now started manufacturing every single item that an electronic product needs in the country. “If we talk about a mobile phone, then every item of the phone — be it glass, cover, chip, printed circuit board (PCB) or camera module, has started being produced in the country,” the minister stated. He further informed that recently, a factory was inaugurated at Sohna, Haryana, in which the battery used in the smartphone will be manufactured. The country needs 50 crore batteries, and 20 crore battery packs will be manufactured from a single factory, the Minister informed.

Vocal for local: 

He urged citizens to adopt India-made products as much as they can. “It is time for a self-reliant India in which, everyone is adopting ‘Swadeshi’ with great enthusiasm. All of you are also requested to increase the use of ‘Swadeshi’ products in your life,” Vaishnaw noted. The Minister said that with GST reforms, PM Modi has provided great relief to middle-class families. He said the prices will come down for various sorts of electronic devices like televisions, refrigerators, dishwashers, microwaves and power banks, which are household needs. From food to household items to everyday essentials, the tax burden on all items has been reduced, the Minister stated.

Source : https://www.financialexpress.com/business/electronic-sector-now-a-rs-11-5-lakh-cr-industry-ashwini-vaishnaw-explains-whats-driving-the-massive-surge-3968950/